*This house is worth $1 million?

osama-bin-laden-hideout-007.jpg Here's another bit of so-called information that's been filtering out since Sunday's killing of Osama bin Laden: That the compound in Abbottabad is somehow valued at a million bucks. Now, I don't know much about Pakistan real estate, but doesn't that seem a little hard to believe? A reader writes into Dealbreaker:

"I think I have a solution for the housing problem. All we need to do is hire the people who appraised Bin Laden's hideout at $1 million. Seriously, it's an odd shaped lot, with uneven fences, no phone lines or internet connection, crumbling walls, cheap plastic garden furniture, in a country with a per capita GDP of $2,700. Unless the place comes with a cone of silence or room of invisibility, I don't see how that could be worth $1 million. And if it is, either the dollar is more worthless than I thought or my home might actually be worth more than I paid for it.

*Update: The Guardian spoke to a couple of Abbottabad real estate folks and they're saying that the property is worth, at most, $250,000.

"Twenty million rupees, maximum," said property dealer Muhammad Anwar, a 22-year veteran of the local market, at his Abbottabad office. "No swimming pool. This is not a posh area. We call it a middling area." Asked about the American estimate, he chuckled. "Maybe that's the assessment from a satellite. But here on the ground, that's the price."

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
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